B2GOLD CORP. Consolidated Financial Statements December 31, 2025 and 2024 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of B2Gold Corp. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of B2Gold Corp. and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of chan ...

Core Viewpoint - B2Gold Corp (BTG) is expected to report significant growth in fourth-quarter 2025 earnings, with an estimated EPS of 20 cents compared to 1 cent a year ago, despite a recent downward revision of 9.1% in consensus estimates over the past 60 days [1][4]. Earnings Performance - B2Gold has a mixed earnings surprise history, beating estimates in one of the last four quarters and lagging in three, with an average negative surprise of 24.4% [2]. - The company has a positive Earnings ESP of +1.24% and a Zacks Rank of 3 (Hold), indicating potential for an earnings beat [5][4]. Factors Influencing Q4 Performance - Several factors have contributed to the rise in gold prices in 2025, including geopolitical tensions, a depreciating U.S. dollar, potential monetary policy easing, central bank purchases, and tariff conditions [6]. - Gold prices remained near record highs during the October-December period, which is likely to positively impact B2Gold's performance [7]. Production Outlook - B2Gold anticipates recovering lost production at the Fekola Mine in 2025, with expected gold output from the Fekola Complex between 515,000 and 550,000 ounces, and additional production from the Otjikoto and Masbate mines [8]. - The company expects higher year-over-year gold production and prices to reflect positively in its fourth-quarter results, although cost inflation pressures are impacting margins [9]. Share Price Performance - B2Gold's shares have increased by 117.4% over the past year, compared to a 147.7% rise in the industry [10].

Core Viewpoint - The article discusses the investment potential of BTG, highlighting the analyst's positive outlook based on personal investment positions and market analysis [1]. Company Analysis - BTG has shown resilience in its market performance, with a beneficial long position indicated by the analyst [1]. - The company is positioned well within its industry, suggesting potential for growth and investment opportunities [1]. Industry Insights - The broader market context is important, as past performance does not guarantee future results, indicating a need for careful analysis in investment decisions [2]. - The investment landscape is characterized by a mix of professional and individual investors, which may influence market dynamics [2].

Group 1: Company Overview - B2Gold Corp. (NYSEAMERICAN:BTG) is a Canadian gold producer operating the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia, with full ownership of the Gramalote gold project in Colombia [3]. Group 2: Financial Performance and Projections - In Q3 2025, B2Gold reported that the Goose mine achieved commercial production three months after its first gold pour, but production guidance for 2025 was revised down to between 50,000 and 80,000 ounces due to crushing capacity issues and delayed access to high-grade ore [2]. - Despite short-term challenges, B2Gold forecasts a significant production ramp-up at Goose, projecting 250,000 ounces in 2026 and 330,000 ounces in 2027 [2]. Group 3: Analyst Insights - CIBC analyst Anita Soni raised the price target for B2Gold to $6.50 from $6, maintaining a Neutral rating, as part of a sector-wide target increase driven by revised gold price forecasts of $6,000 per ounce for 2026 and $6,500 for 2027, along with higher copper price projections [1]. - The primary demand drivers from 2025 are expected to persist into 2026, although the market is facing increased geopolitical uncertainty [1]. Group 4: Strategic Developments - B2Gold is advancing strategic expansions, including the construction of the Antelope underground deposit, which is expected to extend the life of the Otjikoto mine into the 2030s while reducing preproduction capital costs to $105 million [3].

Core Viewpoint - B2Gold Corp. is a significant player in the gold production industry, with a diversified portfolio and strong institutional interest, as evidenced by recent share transactions and analyst ratings. Financial Performance - B2Gold shares opened at $5.62, with a market capitalization of $7.53 billion and a price-to-earnings ratio of 40.14. The stock has a beta of 0.58, indicating lower volatility compared to the market [1] - The company has a quick ratio of 0.46, a current ratio of 1.03, and a debt-to-equity ratio of 0.18. The 50-day simple moving average is $4.79, while the 200-day simple moving average is $4.53. The stock's 52-week low is $2.50, and the 52-week high is $5.94 [1] Institutional Inflows and Outflows - Goldman Sachs Group Inc. increased its stake in B2Gold by 32.0% in the fourth quarter, now owning 9,569,165 shares valued at $43.16 million after acquiring an additional 2,319,482 shares [2] - Northwestern Mutual Wealth Management Co. purchased a new position in B2Gold valued at approximately $45,000 during the fourth quarter [2] - Geode Capital Management LLC raised its position in B2Gold by 12.5%, now owning 1,631,425 shares worth $7.92 million after buying an additional 180,666 shares [2] - Institutional investors hold 61.40% of the company's stock [2] Analyst Ratings - Scotiabank reissued a "sector perform" rating for B2Gold on January 26, while Canadian Imperial Bank of Commerce restated a "neutral" rating on February 4 [3][4] - Two analysts have rated the stock with a Hold rating, leading to an average rating of "Hold" according to MarketBeat data [3][4] Company Overview - B2Gold Corp. is a Canadian-based intermediate gold producer with a diversified portfolio of operating mines and advanced-stage development projects, founded in 2007 through the merger of Bema Gold and CGA Mining [5] - The company has become one of the world's largest new gold producers, focusing on efficient, low-cost operations across several continents [5] - Key assets include the Fekola mine in Mali, which began production in 2017, the Otjikoto mine in Namibia, and the Masbate mine in the Philippines [6] Upcoming Earnings - B2Gold is expected to release its Q4 2025 results on February 18, 2026, with analysts predicting earnings of $0.22 per share and revenue of $1.148 billion for the quarter [8]

Group 1 - B2Gold Corp. is considered one of the most undervalued Canadian stocks by hedge funds, with recent price target increases from analysts [1][2] - CIBC analyst Anita Soni raised the price target for B2Gold to $6.50 from $6, citing a sector update that included higher gold price forecasts of $6,000 per ounce for 2026 and $6,500 for 2027 [1] - Raymond James also increased its price target for B2Gold to $6.50 from $6.00 while maintaining an Outperform rating, reflecting new commodity price forecasts for precious and base metals [2][3] Group 2 - The adjustments in price targets are driven by persistent economic and political uncertainty, which are expected to influence demand for gold and copper [3] - B2Gold operates several mines, including the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia, positioning the company well within the gold production sector [3]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Industry Overview - Wall Street is investing hundreds of billions into AI technologies, but there is a critical question regarding the energy supply needed to sustain this growth [2] - AI technologies, particularly data centers for large language models, consume vast amounts of electricity, comparable to the energy needs of small cities [2] - The energy demands of AI are expected to increase, leading to potential strain on power grids and rising electricity prices [2] Company Insights - A specific company is highlighted as a key player in the energy infrastructure sector, poised to benefit from the increasing energy demands of AI [3][6] - This company owns critical nuclear energy infrastructure assets and is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors [7] - The company is positioned to profit from the surge in U.S. LNG exports, particularly under the current administration's energy policies [7] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization [8] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without high premiums [9] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar compared to other AI and energy stocks [10][11] - The company is trading at less than 7 times earnings, indicating a potentially attractive investment opportunity [10] Future Outlook - The ongoing AI revolution is expected to disrupt traditional industries, with companies that adapt to AI technologies likely to thrive [11][12] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, reinforcing the importance of investing in AI [12][13]

Core Viewpoint - B2Gold Corp. (BTG) is marked with a Strong Buy rating due to a significant valuation disconnect between current transitional friction and the anticipated free cash flow (FCF) inflection expected in 2026 [1] Group 1 - The upcoming Q4 earnings report is scheduled for release on February 18, 2026 [1]

Company Overview - B2Gold (BTG) closed at $4.90, experiencing an 11.71% decline from the previous day, underperforming compared to the S&P 500, which fell by 0.43% [1] - Over the past month, B2Gold shares have increased by 23.06%, outperforming the Basic Materials sector's gain of 14.45% and the S&P 500's gain of 0.89% [1] Upcoming Financial Results - B2Gold is set to announce its earnings on February 18, 2026, with an expected EPS of $0.22, reflecting a significant increase of 2100% from the prior-year quarter [2] - For the annual period, the Zacks Consensus Estimates predict earnings of $0.53 per share and revenue of $3.12 billion, indicating shifts of +231.25% and 0% respectively from the last year [2] Analyst Estimates and Market Sentiment - Recent changes to analyst estimates for B2Gold indicate positive sentiment, reflecting optimism about the company's business and profitability [3] - The Zacks Rank system, which incorporates these estimate changes, provides a rating model that has historically outperformed the market [4][5] Valuation Metrics - B2Gold currently holds a Forward P/E ratio of 7.35, which is a discount compared to the industry average Forward P/E of 13.98 [5] Industry Context - The Mining - Gold industry, part of the Basic Materials sector, has a Zacks Industry Rank of 78, placing it in the top 32% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Viewpoint - B2Gold Corp. shares are experiencing a rally due to rising gold prices, but the stock is now overbought and nearing a resistance level, indicating potential bearish dynamics [1]. Group 1: Stock Performance - B2Gold shares are consolidating on Tuesday after a rally driven by increased gold prices [1]. - The stock is currently overbought, meaning it is trading above its typical range, which is a significant market dynamic [1]. - The shares have exceeded two standard deviations above the 20-day moving average, indicating overbought conditions [3]. Group 2: Market Dynamics - Overbought conditions typically attract sellers who anticipate a reversion to the mean, which could exert downward pressure on the stock [2]. - Historical resistance was noted around the $5.90 level in October, where some investors regretted their purchases when prices dropped [5]. - If B2Gold's stock price returns to $5.90, a concentration of sell orders is expected, creating resistance at that level [6]. Group 3: Implications for Future Trading - The combination of being overbought and facing resistance at $5.90 suggests a high likelihood that the current rally may pause or end [6].